Wonga ‘Collapse’

By 28th August 2018Financial Help, News

The well-known payday loan company, Wonga, is apparently on the brink of collapse according to reports.

Due to the large amount of compensation claims for misselling, Wonga’s shareholders had to invest £10 million to keep the company afloat. However, it is rumoured that the news of this simply encouraged claims management companies to claim compensation for misselling payday loans to their clients; the complaints being that Wonga targeted vulnerable customers and charged exorbitant interest on their short-term loans.

A spokesperson from Wonga stated. “The Wonga board continues to assess all options regarding the future of the group.”

I Have A Wonga Loan. What Does This Mean?

Wonga are currently not in administration, and therefore you should continue to repay them as you normally would. However, if you are struggling to meet repayments, you should contact our trained advisers who can help you with your financial situation.

Do not simply stop paying, Wonga are still up and running, and if you miss repayment you will be charged their missed payment fee of £15.

What If They Go Into Administration?

If Wonga should enter into administration, its administrators will almost definitely sell on your loan to another company, in order to try and make as much money as they possibly can to repay their creditors. In short, you’ll still have to pay, but it will be to another company.

What About Wonga Compensation Claims?

If you are in the process of making a claim against Wonga, then your claim will be processed as usual, however if you they do enter into administration, your claim be added to the list of creditors to be repaid. If Wonga does into administration, you will no longer be able to make new claims of misselling against Wonga.

If you have taken out a payday loan with Wonga (or any other payday loan company) and you are struggling to repay it, then contact us now, and you could possibly write off up to 80% of your unsecured debts.

There is no fee for our advice, and there is absolutely no obligation for you to use any of the solutions we may suggest to you. So what have you got to lose? Simply fill in the form below and we’ll call you back.

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